Paul Company completed the salary and wage payroll for March 2014. The payroll provided the following details:
Salaries and wages earned ...... $200,000
Employee income taxes withheld ..... 40,000
Insurance premiums withheld ...... 1,000
FICA payroll taxes* .......... 15,000
*$15,000 each for employer and employees.
1. Give the journal entry to record the payroll for March, including employee deductions.
2. Give the journal entry to record the employer’s payroll taxes.
3. Give a combined journal entry to show the payment of amounts owed to governmental agencies.